Forget EVERYTHING I Just Wrote
November 12, 2007 by jessebkaye
The Washington Business Journal contradicts everything I just said. According to their recent report, prices this October in the immediate DC area are UP when compared to the same period of time in October, 2006.
The largest jump in prices were most notably increased in Arlington and Alexandria…cities known locally to predict the future of the DC area. Well, how can this be? In the previous blog post CNN Money predicts home prices to fall 25%, Moody’s predicts prices to fall 12-14% and I expect increased losses through the end of March, 2008. WBJ’s report proves us wrong. According to the article,
“The average selling price for a house in D.C. rose nearly 6 percent to $499,526 as compared with the city’s prices in October 2006. Alexandria prices increased 6 percent to $490,476 and those in Arlington jumped 7 percent to $556,517. In Montgomery County, homes cost on average $317,221, up 2 percent from last year.”
I don’t understand it very much either…